The main difference between these two types of accounting is the timing of when we recognise the income and expenses. Cash Accounting Reporting on a cash basis is like looking... read more →
PAYG Withholding for Employees If you are an employee, your employer is required to deduct tax from your gross pay and pay this to the ATO on your behalf. This... read more →
STSL debts are interest free loans. So unlike credit cards or other loans you don’t get charged interest on the balance every month. However, the total amount of your STSL... read more →
Once you reach a certain income level, you are required to start making repayments towards your STSL debts. Each year, the ATO will publish the updated income thresholds as well... read more →
If you have an STSL debt you should notify your employer via the Tax File Number (TFN) Declaration form. Your employer will then deduct an amount from your pay to... read more →
The ATO determines the due date for your tax return based on a number of factors, including: are you completing your own tax return; have you appointed a tax agent... read more →
When you operate your business as a sole trader, any tax you have to pay on your business profits is included in your individual income tax return. The amount of tax... read more →
If you don’t pay the full amount owing on your BAS by the due date, the ATO will charge you interest on any unpaid amounts. This can add up pretty... read more →
There are a range of things that might be reported on your Business Activity Statement, including: GST – this includes GST you have collected as well as GST you have... read more →
To find copies of your past business lodgements with the ATO, you will need to log into ATO Online Services for Business using your myGovID as follows... STEP 1: sign... read more →